Virginia Code > Title 8.9A > Part 5

		Sections
Part 1	Filing Office, Contents and Effectiveness of Financing Statement	8.9A-501 – 8.9A-518
Part 2	Duties and Operation of Filing Office	8.9A-519 – 8.9A-527

Terms Used In Virginia Code > Title 8.9A > Part 5 - Filing

Access partner: means a person that, at the person's physical location in the Commonwealth, facilitates the making and servicing of a loan through provision of some or all of the services described in § 6. See Virginia Code 6.2-1500
Accident and health insurance: means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Virginia Code 38.2-1365
Account: means any one of the three accounts created by § 38. See Virginia Code 38.2-1603
Account: means any one of the two accounts created under § 38. See Virginia Code 38.2-1701
Accounting period: includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends. See Virginia Code 64.2-1033
Accredited reinsurer: means an assuming insurer accredited pursuant to the provisions of subdivision C 2 of § 38. See Virginia Code 38.2-1316.1
Accredited state: means a state in which the insurance department or regulatory agency responsible for administering the insurance laws of said state has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Program. See Virginia Code 38.2-1341
Acquiring person: means any person by whom or on whose behalf acquisition of control of any domestic insurer is to be effected. See Virginia Code 38.2-1322
Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Virginia Code 38.2-1358
Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Virginia Code 38.2-1347
Adequate space: means sufficient space to allow each animal to (i) easily stand, sit, lie, turn about, and make all other normal body movements in a comfortable, normal position for the animal and (ii) interact safely with other animals in the enclosure. See Virginia Code 3.2-6500
Admitted assets: means , for purposes of the limitations and standards imposed by Articles 1 and 2 of this chapter, the amount thereof as permitted to be reported on the statutory financial statement of the insurer most recently required to be filed with the Commission pursuant to §§ 38. See Virginia Code 38.2-1401
Adoption: means the transfer of ownership of a dog or a cat, or any other companion animal, from a releasing agency to an individual. See Virginia Code 3.2-6500
Adult: means an individual who attained the age of 18 years. See Virginia Code 64.2-1900
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Affiliate: means a person who directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December 31 of the year next preceding the date the insurer becomes an insolvent insurer. See Virginia Code 38.2-1603
Agreement: means a commercial relationship, not required to be evidenced in writing, of definite or indefinite duration, between a brewery and beer wholesaler pursuant to which the wholesaler has been authorized to distribute one or more of the brewery's brands of beer. See Virginia Code 4.1-500
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Amortization: Paying off a loan by regular installments.
Animal: means any nonhuman vertebrate species except fish. See Virginia Code 3.2-6500
Animal control officer: means a person appointed as an animal control officer or deputy animal control officer as provided in § 3. See Virginia Code 3.2-6500
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
annuity: shall be deemed to include "variable annuity" and "modified guaranteed annuity" and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments. See Virginia Code 38.2-106
Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
Applicable value: means the amount of the net fair market value of a trust taken into account under § Virginia Code 64.2-701
Asset-backed security: includes rights or other assets that ensure the servicing or timely distribution of proceeds to the holder of the asset-backed security. See Virginia Code 64.2-1033
Association: means the Virginia Property and Casualty Insurance Guaranty Association created under § 38. See Virginia Code 38.2-1603
Association: means the Virginia Life, Accident and Sickness Insurance Guaranty Association created under § 38. See Virginia Code 38.2-1701
association captive: is a n insurer whose exclusive purpose is transacting the business of insurance and reinsurance only on risks, hazards and liabilities of the members of an insurance association comprised of any group of individuals, corporations, partnerships, associations, or governmental units or agencies whose members collectively own, control, or hold with power to vote, all of the outstanding voting securities of the association insurer. See Virginia Code 38.2-1341
Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
authorized: when used in the context of assessments means that a resolution by the board of directors has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. See Virginia Code 38.2-1701
Authorized fiduciary: means (i) a trustee or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the income or principal of the first trust to one or more current beneficiaries and that is not (a) a current beneficiary of the first trust or a beneficiary to which the net income or principal of the first trust would be distributed if the first trust were terminated, (b) a trustee of the first trust that may be removed and replaced by a current beneficiary who has the power to remove the existing trustee of the first trust and designate as successor trustee a person that may be a related or subordinate party, as defined in 26 U. See Virginia Code 64.2-701
Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
Bailiff: a court officer who enforces the rules of behavior in courtrooms.
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
Beer: means any alcoholic beverage obtained by the fermentation of an infusion or decoction of barley, malt, and hops or of any similar products in drinkable water and containing one-half of one percent or more of alcohol by volume. See Virginia Code 4.1-100
Beneficiary: means a person that receives property under a transfer on death deed. See Virginia Code 64.2-621
Beneficiary: means a person that (i) has a present or future, vested or contingent, beneficial interest in a trust; (ii) holds a power of appointment over trust property; or (iii) is an identified charitable organization that will or may receive distributions under the terms of the trust. See Virginia Code 64.2-701
Beneficiary: includes :
1. See Virginia Code 64.2-1033
Beneficiary form: means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See Virginia Code 64.2-612
Benefit plan: means a specific employee, union, or association of natural persons benefit plan. See Virginia Code 38.2-1701
Bequest: Property gifted by will.
Board: means the Board of Agriculture and Consumer Services. See Virginia Code 3.2-100
Boarding establishment: means a place or establishment other than a public or private animal shelter where companion animals not owned by the proprietor are sheltered, fed, and watered in exchange for a fee. See Virginia Code 3.2-6500
Bona fide purchaser: means a purchaser of property for value who has acted in the transaction in good faith. See Virginia Code 64.2-100
Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
Breach of trust: includes a violation by a trust director or trustee of a duty imposed on that trust director or trustee by the terms of the trust, this article, or law of the Commonwealth other than this article pertaining to trusts. See Virginia Code 64.2-779.26
Brewery: means every person, including any authorized representative of such person pursuant to § 4. See Virginia Code 4.1-500
Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship. See Virginia Code 38.2-1358
Business entity: means a corporation, association, partnership, joint venture, trust, church, or religious body. See Virginia Code 38.2-1401
Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship. See Virginia Code 38.2-1347
called: when used in the context of assessments means that a notice has been issued by the Association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. See Virginia Code 38.2-1701
Cap: means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level or the performance or value of one or more underlying interests exceeds a predetermined number, sometimes called the strike rate or strike price. See Virginia Code 38.2-1401
care: means the responsible practice of good animal husbandry, handling, production, management, confinement, feeding, watering, protection, shelter, transportation, treatment, and, when necessary, euthanasia, appropriate for the age, species, condition, size and type of the animal and the provision of veterinary care when needed to prevent suffering or impairment of health. See Virginia Code 3.2-6500
Cash buyer: means any person who pays the producer, or his representative, at the time of obtaining title, possession or control of grain, the agreed price of such grain in coin or currency, certified checks, cashier's checks, or drafts issued by a bank. See Virginia Code 3.2-4753
Catastrophic disaster: means an event where the President of the United States or the Governor of the Commonwealth has declared a state of emergency. See Virginia Code 38.2-1845.1
Certified reinsurer: means an insurer certified by the Commission pursuant to subsection D of § 38. See Virginia Code 38.2-1316.1
CGAD: means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this article. See Virginia Code 38.2-1334.11
Charitable interest: means an interest in a trust that (i) is held by an identified charitable organization and makes the organization a qualified beneficiary; (ii) benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; or (iii) is held solely for charitable purposes and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary. See Virginia Code 64.2-701
Charitable organization: means (i) a person, other than an individual, organized and operated exclusively for charitable purposes or (ii) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose. See Virginia Code 64.2-701
Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community. See Virginia Code 64.2-701
Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in § 64. See Virginia Code 64.2-701
Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
Claimant: means any insured making a first party claim or any person instituting a liability claim; provided that no person who is an affiliate of the insolvent insurer may be a claimant. See Virginia Code 38.2-1603
Claimants: means any owners, beneficiaries, assignees, certificate holders, or third-party beneficiaries of any insurance benefit or right arising out of and within the coverage of an insurance policy, annuity contract, benefit contract, or subscription contract. See Virginia Code 38.2-1401
Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
Commercial dog breeder: means any person who, during any 12-month period, maintains 30 or more adult female dogs for the primary purpose of the sale of their offspring provided that a person who breeds an animal regulated under federal law as a research animal shall not be deemed to be a commercial dog breeder. See Virginia Code 3.2-6500
Commission: means the State Corporation Commission. See Virginia Code 6.2-100
Commissioner: means the Commissioner of Agriculture and Consumer Services. See Virginia Code 3.2-100
Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
Commissioner: means the chief insurance regulatory official of a state, however designated. See Virginia Code 38.2-1334.11
Commissioner of Insurance: means the administrative or executive officer of the Bureau. See Virginia Code 38.2-100
Companion animal: means any domestic or feral dog, domestic or feral cat, nonhuman primate, guinea pig, hamster, rabbit not raised for human food or fiber, exotic or native animal, reptile, exotic or native bird, or any feral animal or any animal under the care, custody, or ownership of a person or any animal that is bought, sold, traded, or bartered by any person. See Virginia Code 3.2-6500
company: shall mean all corporations created by acts of the General Assembly of Virginia, or under the general incorporation laws of this Commonwealth, or doing business therein, and shall exclude all municipal corporations, other political subdivisions, and public institutions owned or controlled by the Commonwealth; and the term "the Commission" shall mean the State Corporation Commission. See Virginia Code 12.1-1
Company: means any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who, pursuant to the provisions of this title, Title 58. See Virginia Code 38.2-1317.1
Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
Conservator: means a person appointed by the court to administer the estate of an adult individual. See Virginia Code 64.2-701
Consumer: means an individual residing in the Commonwealth who owes money to one or more creditors, for personal, family, or household purposes, including an individual who owes money jointly with one or more other individuals. See Virginia Code 6.2-2026
Consumer: means any natural person purchasing an animal from a dealer or pet shop or hiring the services of a boarding establishment. See Virginia Code 3.2-6500
Continuance: Putting off of a hearing ot trial until a later time.
Contract: means a binding agreement between the grain dealer and the producer that describes the terms and conditions of the delivery of grain and the purchase price. See Virginia Code 3.2-4753
contract owner: means the person who is identified as the legal owner under the terms of the policy or contract or who is otherwise vested with legal title to the policy or contract through a valid assignment completed in accordance with the terms of the policy or contract and properly recorded as the owner on the books of the member insurer. See Virginia Code 38.2-1701
Contractual obligation: means an obligation under a policy or contract or certificate under a group policy or contract, or portion thereof for which coverage is provided under § 38. See Virginia Code 38.2-1701
Control: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See Virginia Code 38.2-1603
controlled: has the meaning ascribed in § 38. See Virginia Code 38.2-1341
Controlled insurer: means a licensed insurer which is controlled, directly or indirectly, by a producer. See Virginia Code 38.2-1341
Controlling document: means the will, agreement, power of attorney, court order, or other instrument creating the fiduciary powers. See Virginia Code 64.2-780
Controlling producer: means a producer who, directly or indirectly, controls an insurer. See Virginia Code 38.2-1341
Cotton gin: means a facility where cotton seed and cotton lint are produced from raw cotton. See Virginia Code 3.2-4764
Cotton handler: means any person doing business as a cotton gin, cotton merchant, or cotton warehouse. See Virginia Code 3.2-4764
Cotton merchant: means any person who buys cotton from a producer for the purpose of resale, or acts as a broker or agent for a producer in arranging the sale of cotton. See Virginia Code 3.2-4764
Cotton warehouse: means any enclosure in which producer-owned cotton is stored or held for longer than 48 hours. See Virginia Code 3.2-4764
Council: means the Virginia Conflict of Interest and Ethics Advisory Council established in § 30-355. See Virginia Code 2.2-419
Counterparty exposure amount: means the amount of credit risk attributable to an over-the-counter derivative instrument, which amount of credit risk is equal to (i) the market value of the over-the-counter derivative instrument if the liquidation of the derivative instrument would result in a final cash payment to the insurer or (ii) zero if the liquidation of the derivative instrument would not result in a final cash payment to the insurer. See Virginia Code 38.2-1401
Country buyer: means any person who buys small grains from a producer. See Virginia Code 3.2-2200
County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
Court: means the court in the Commonwealth having jurisdiction relating to a trust, estate, or life estate or other term interest described in subdivision 2 of § Virginia Code 64.2-701
Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Virginia Code 64.2-1033
Docket: A log containing brief entries of court proceedings.
Domestic governmental entity: means the United States, any state, or any municipality or district in any such state, or any political subdivision, civil division, agency or instrumentality of one or more of the foregoing. See Virginia Code 38.2-1401
Donor: The person who makes a gift.
Duplicate original: means an exact copy with signatures created by the same impression as the original, an exact copy bearing an original signature, or, in the case of an electronic transaction, an electronic version with electronic signatures. See Virginia Code 6.2-2026
Electronic signature: means an electronic signature as defined in § 59. See Virginia Code 6.2-2026
Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
Enclosure: means a structure used to house or restrict animals from running at large. See Virginia Code 3.2-6500
Enterprise risk: means any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, but not limited to, anything that would cause the insurer's risk-based capital to fall into company action level as set forth in § 38. See Virginia Code 38.2-1322
Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
Environmental law: means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment. See Virginia Code 64.2-701
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Virginia Code 64.2-1033
Euthanasia: means the humane destruction of an animal accomplished by a method that involves instantaneous unconsciousness and immediate death or by a method that involves anesthesia, produced by an agent that causes painless loss of consciousness, and death during such loss of consciousness. See Virginia Code 3.2-6500
Ex officio: Literally, by virtue of one's office.
Ex officio: means service by virtue of one's office and includes voting privileges for ex officio members unless otherwise provided. See Virginia Code 1-215
Executor: A male person named in a will to carry out the decedent
exercise: means the opportunity for the animal to move sufficiently to maintain normal muscle tone and mass for the age, species, size, and condition of the animal. See Virginia Code 3.2-6500
Expanded distributive discretion: means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard. See Virginia Code 64.2-701
Exporter: means any person offering small grains for export sale. See Virginia Code 3.2-2200
Express unitrust: means a trust for which, under the terms of the trust without regard to this article, income or net income must or may be calculated as a unitrust amount. See Virginia Code 64.2-1039
Facility: means a building or portion thereof as designated by the State Veterinarian, other than a private residential dwelling and its surrounding grounds, that is used to contain a primary enclosure or enclosures in which animals are housed or kept. See Virginia Code 3.2-6500
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Fair market value: means the price that property will bring when (i) offered for sale by one who desires, but who is not obligated, to sell it; (ii) bought by one who is under no necessity of having it; and (iii) sufficient time has elapsed to allow interested buyers the opportunity to become informed of the offer for sale. See Virginia Code 38.2-1401
farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
Fiduciary: includes a trustee, trust director under the Uniform Directed Trust Act (§ 64. See Virginia Code 64.2-1033
Financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Virginia Code 64.2-1900
Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
First trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Virginia Code 64.2-701
First-trust instrument: means the trust instrument for a first trust. See Virginia Code 64.2-701
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
fixed charges: includes contingent interest payments. See Virginia Code 38.2-1401
Floor: means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, a level, or the performance or value of one or more underlying interests. See Virginia Code 38.2-1401
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
Foreign insurer: means any foreign or alien insurer licensed to transact the business of insurance in this Commonwealth pursuant to § 38. See Virginia Code 38.2-1341
Framework: means an NAIC publication that includes a history of the NAIC's development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity stress test instructions and reporting templates for a specific data year, as adopted by the NAIC and amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Virginia Code 38.2-1322
Future: means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance or value of, one or more underlying interests and includes an insurance future. See Virginia Code 38.2-1401
General power of appointment: means a power of appointment exercisable in favor of a powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Virginia Code 64.2-701
Germane: On the subject of the pending bill or other business; a strict standard of relevance.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
Grain: means grains including corn (maize), wheat, rye, oats, barley, flaxseed, soybeans, and sunflower. See Virginia Code 3.2-4753
Grain bank: means grain owned by a producer and held temporarily by the dealer for use in the formulation of feed and returned to the producer on demand as feed or whole grain. See Virginia Code 3.2-4753
Grain dealer: means any person who buys, solicits for sale or resale, processes for sale or resale, contracts for storage or exchange, or transfers grain of a Virginia producer. See Virginia Code 3.2-4753
Grain exchange: means grain owned by a producer and held temporarily by the dealer for use in the formulation of processed flour to be returned to the producer on demand as flour or whole grain. See Virginia Code 3.2-4753
Grantor: The person who establishes a trust and places property into it.
Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
Group-wide supervisor: means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the Commission under § 38. See Virginia Code 38.2-1322
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
Guardian: means a person appointed by the court to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. See Virginia Code 64.2-701
Guardian of the estate: means a person appointed by the court to administer the estate of a minor. See Virginia Code 64.2-701
Handler: means the operator of a stockyard, livestock dealership, slaughterhouse, packing plant, or livestock auction market, or any other person making a purchase from a sheep producer, at the point where the sheep is sold or traded. See Virginia Code 3.2-2100
Handler: means any person who purchases small grains from a producer and any producer who transports and sells his own small grains out of state. See Virginia Code 3.2-2200
Hedging transaction: means :
1. See Virginia Code 38.2-1401
Heirs: means those persons, including the surviving spouse, who are entitled under the laws of intestate succession to the property of a decedent. See Virginia Code 64.2-612
High grade obligations: means obligations which (i) are rated one or two by the Securities Valuation Office of the National Association of Insurance Commissioners or (ii) if not rated by the Securities Valuation Office, are rated in an equivalent grade by a national rating agency recognized by the Commission. See Virginia Code 38.2-1401
home service insurer: means an insurer selling industrial or ordinary life insurance or accident and sickness insurance on a debit, where the premiums are payable at least monthly directly by the owner of the policy or a person representing the owner to a representative of the insurer. See Virginia Code 38.2-1805
Home state: means the District of Columbia and any state or territory of the United States, except Virginia, or any province of Canada, in which a public adjuster maintains such person's principal place of residence or principal place of business and is licensed by that jurisdiction to act as a resident public adjuster. See Virginia Code 38.2-1845.1
Humane: means any action taken in consideration of and with the intent to provide for the animal's health and well-being. See Virginia Code 3.2-6500
Humane investigator: means a person who has been appointed by a circuit court as a humane investigator as provided in § 3. See Virginia Code 3.2-6500
Impaired insurer: means a member insurer considered by the Commission to be potentially unable to fulfill its contractual obligations. See Virginia Code 38.2-1701
In forma pauperis: In the manner of a pauper. Permission given to a person to sue without payment of court fees on claim of indigence or poverty.
Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Articles 4 (§ 38. See Virginia Code 38.2-1603
Insolvent insurer: means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Virginia Code 38.2-1701
Inspector: means a State Animal Welfare Inspector employed pursuant to § 3. See Virginia Code 3.2-6500
Insurance company: means any company engaged in the business of making contracts of insurance. See Virginia Code 38.2-100
Insurance department: means the supervising regulatory officials of a given state who are responsible for administering the insurance laws of said state. See Virginia Code 38.2-1317.1
Insurance future: means a future relating to an index or pool that is based on insurance-related items. See Virginia Code 38.2-1401
Insurance futures option: means an option on an insurance future. See Virginia Code 38.2-1401
Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in § 38. See Virginia Code 38.2-1334.3
Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in § 38. See Virginia Code 38.2-1334.11
Insurance holding company system: means two or more affiliated persons, one or more of which is an insurer. See Virginia Code 38.2-1322
insurance policies: shall include contracts of fidelity, indemnity, guaranty and suretyship. See Virginia Code 38.2-100
Insurer: means any person, duly licensed in the Commonwealth pursuant to Chapters 10 (§ 38. See Virginia Code 38.2-1358
insurer: means an entity that (i) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in the Commonwealth and has at least one such policy in force or on claim or (ii) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in the Commonwealth. See Virginia Code 38.2-1365
Insurer: means a company licensed pursuant to Chapter 10 (§ 38. See Virginia Code 38.2-1401
Insurer: means an insurance institution as defined by § 38. See Virginia Code 38.2-1317.1
Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1322
Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1334.3
Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1334.11
Insurer: means any person duly licensed in this Commonwealth pursuant to Chapters 10 (§ 38. See Virginia Code 38.2-1347
Inter vivos: Transfer of property from one living person to another living person.
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Virginia Code 64.2-701
Internationally active insurance group: means an insurance holding company system that includes an insurer registered under § 38. See Virginia Code 38.2-1322
Intestate: Dying without leaving a will.
Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
Joint owner: includes a joint tenant with the right of survivorship and tenant by the entirety with the right of survivorship. See Virginia Code 64.2-621
Law-enforcement officer: means any person who is a full-time or part-time employee of a police department or sheriff's office that is part of or administered by the Commonwealth or any political subdivision thereof and who is responsible for the prevention and detection of crime and the enforcement of the penal, traffic or highway laws of the Commonwealth. See Virginia Code 3.2-6500
Lead state commissioner: means the insurance commissioner, director, or superintendent of the lead state of the insurance holding company system as determined by the Financial Analysis Handbook adopted by the NAIC. See Virginia Code 38.2-1322
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
Legatee: A beneficiary of a decedent
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
License: means a document issued by the Commission authorizing an individual or business entity to act as a public adjuster. See Virginia Code 38.2-1845.1
Licensed reinsurance intermediary: means an agent, broker or reinsurance intermediary licensed to act as a reinsurance intermediary pursuant to the applicable provision of this article. See Virginia Code 38.2-1347
Licensee: means a person licensed under this chapter. See Virginia Code 6.2-2026
Licensee: means a consumer finance company to which a license has been issued by the Commission pursuant to this chapter. See Virginia Code 6.2-1500
Lien: A claim against real or personal property in satisfaction of a debt.
Life and health insurance consultant: means an insurance consultant whose services are limited to insurance as defined in §§ 38. See Virginia Code 38.2-1837
Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
Life insurance: means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Virginia Code 38.2-1365
Life insurer: means any insurer authorized to transact life insurance or to grant annuities as defined in §§ 38. See Virginia Code 38.2-1401
Livestock: includes all domestic or domesticated: bovine animals; equine animals; ovine animals; porcine animals; cervidae animals; capradae animals; animals of the genus Lama or Vicugna; ratites; fish or shellfish in aquaculture facilities, as defined in § 3. See Virginia Code 3.2-6500
Lobbying: means :
1. See Virginia Code 2.2-419
Lobbyist: means :
1. See Virginia Code 2.2-419
local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
Loss: means any monetary loss to a producer as a result of doing business with a dealer that shall include bankruptcy, embezzlement, theft or fraud. See Virginia Code 3.2-4753
Lower grade obligations: means obligations which (i) are rated four, five, or six by the Securities Valuation Office of the National Association of Insurance Commissioners or (ii) if not rated by the Securities Valuation Office, are rated in an equivalent grade by a national rating agency recognized by the Commission. See Virginia Code 38.2-1401
Managing general agent: means any person who manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office; and who acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or exceeding five percent of the surplus to policyholders of the insurer as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following: (i) adjusts or pays claims in excess of an amount determined by the Commission or (ii) negotiates reinsurance on behalf of the insurer. See Virginia Code 38.2-1358
Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
Material transaction: means (i) any sale, purchase, exchange, loan or extension of credit, or investment; (ii) any dividend or distribution; (iii) any reinsurance treaty or risk-sharing arrangement; (iv) any management contract, service contract or cost-sharing arrangement; (v) any merger with or acquisition of control of any corporation; or (vi) any other transaction or agreement that the Commission by order, rule or regulation determines to be material. See Virginia Code 38.2-1322
Medicare: means the "Health Insurance for the Aged Act" Title XVIII of the Social Security Amendment of 1965, as amended. See Virginia Code 38.2-100
Medium grade obligations: means obligations which (i) are rated three by the Securities Valuation Office of the National Association of Insurance Commissioners or (ii) if not rated by the Securities Valuation office, are rated in an equivalent grade by a national rating agency recognized by the Commission. See Virginia Code 38.2-1401
Member insurer: means any person who (i) writes any class of insurance to which this chapter applies under § 38. See Virginia Code 38.2-1603
Member insurer: means an insurer or health maintenance organization licensed to transact in the Commonwealth any class of insurance or health maintenance organization business to which this chapter applies under § 38. See Virginia Code 38.2-1701
Minimum capital and surplus: means the minimum surplus to policyholders, or minimum net worth, a particular insurer must have to obtain and maintain its license to transact business in this Commonwealth pursuant to the applicable provisions of this title. See Virginia Code 38.2-1401
Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1365
NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1316.1
NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1317.1
NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1322
NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1334.3
NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1334.11
National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of public adjusting concerning any of the substantive benefits, terms, or conditions of the contract. See Virginia Code 38.2-1845.1
Net direct written premiums: means direct gross premiums written in the Commonwealth on insurance policies applicable to this chapter, less return premiums and dividends paid or credited to policyholders on direct business. See Virginia Code 38.2-1603
Net income: includes an adjustment from principal to income under § Virginia Code 38.2-1334.3
ORSA Guidance Manual: means the current version of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the NAIC and as amended from time to time. See Virginia Code 38.2-1334.3
ORSA summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Virginia Code 38.2-1334.3
Over-the-counter derivative instrument: means a derivative instrument that is entered into with a business entity other than through a qualified exchange or qualified foreign exchange or that is cleared other than through a qualified clearinghouse. See Virginia Code 38.2-1401
Oversight: Committee review of the activities of a Federal agency or program.
Owner: means any person who: (i) has a right of property in an animal; (ii) keeps or harbors an animal; (iii) has an animal in his care; or (iv) acts as a custodian of an animal. See Virginia Code 3.2-6500
Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Virginia Code 64.2-1033
Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
Person: shall include individuals, a trust, an estate, a partnership, an association, an order, a corporation, or any other legal or commercial entity;
6. See Virginia Code 8.01-2
Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Virginia Code 64.2-621
Person: means any individual, corporation, government, political subdivision of the Commonwealth, or governmental subdivision or agency, business trust, estate, trust, partnership, two or more of any of the foregoing having a joint or common interest, or any other legal or commercial entity. See Virginia Code 5.1-1
Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society, or any affiliate thereof. See Virginia Code 38.2-1317.1
Person: means an individual; estate; business or nonprofit entity; government; governmental subdivision, agency, or instrumentality; public corporation; or other legal entity. See Virginia Code 64.2-701
Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
Personal estate: includes chattels real and such other estate as, upon the death of the owner intestate, would devolve upon his personal representative. See Virginia Code 1-233
Personal representative: means an executor, administrator, successor personal representative, special administrator, or person that performs substantially the same function with respect to an estate under the law governing the person's status. See Virginia Code 64.2-1033
Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
Personal representative: includes an executor, administrator, successor, personal representative, special administrator, and a person who performs substantially the same function under the law governing his status. See Virginia Code 64.2-612
Pet shop: means a retail establishment where companion animals are bought, sold, exchanged, or offered for sale or exchange to the general public. See Virginia Code 3.2-6500
Plaintiff: The person who files the complaint in a civil lawsuit.
Plan sponsor: means (i) the employer, in the case of a benefit plan established or maintained by a single employer; (ii) the employee organization in the case of a benefit plan established or maintained by an employee organization; or (iii) in the case of a benefit plan established or maintained by two or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan. See Virginia Code 38.2-1701
Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
Policyholder behavior: means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this article, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. See Virginia Code 38.2-1365
Potential exposure: means the amount determined in accordance with the National Association of Insurance Commissioners Annual Statement Instructions. See Virginia Code 38.2-1401
Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Virginia Code 64.2-701
Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See Virginia Code 64.2-701
Power of withdrawal: means a presently exercisable general power of appointment other than a power exercisable by a trustee that is limited by an ascertainable standard, or that is exercisable by another person only upon consent of the trustee or a person holding an adverse interest. See Virginia Code 64.2-701
Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-701
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Premiums: means amounts or considerations, by whatever name called, received on covered policies or contracts, less any returned premiums, considerations, and deposits and less dividends and experience credits. See Virginia Code 38.2-1701
Presently exercisable power of appointment: includes a power of appointment exercisable only after the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time, only after (i) the occurrence of the specified event, (ii) the satisfaction of the ascertainable standard, or (iii) the passage of the specified time. See Virginia Code 64.2-701
Price later: means that the actual purchase price is not fixed at the time of delivery, but allows the producer to choose a bid price on any business day during a stated time period as agreed between the parties. See Virginia Code 3.2-4753
Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Virginia Code 64.2-1033
Principal: means any person that, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a person. See Virginia Code 6.2-2026
principal: means the entity on whose behalf the lobbyist influences or attempts to influence executive or legislative action. See Virginia Code 2.2-419
Principal: means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in another person. See Virginia Code 6.2-1500
Principle-based valuation: means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with § 38. See Virginia Code 38.2-1365
Private animal shelter: means a facility operated for the purpose of finding permanent adoptive homes for animals that is used to house or contain animals and that is owned or operated by an incorporated, nonprofit, and nongovernmental entity, including a humane society, animal welfare organization, society for the prevention of cruelty to animals, or any other similar organization. See Virginia Code 3.2-6500
Pro se: A Latin term meaning "on one's own behalf"; in courts, it refers to persons who present their own cases without lawyers.
Probable cause: A reasonable ground for belief that the offender violated a specific law.
Probate: Proving a will
Processor: means any person who changes the physical form or characteristic of small grains in preparation for sale. See Virginia Code 3.2-2200
Producer: means any person who has grown and sold small grains in the Commonwealth in the preceding three years. See Virginia Code 3.2-2200
Producer: means any person in Virginia who produces grain. See Virginia Code 3.2-4753
Producer: means :
1. See Virginia Code 38.2-1341
Prohibited investment: means any investment prohibited by § 38. See Virginia Code 38.2-1401
Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Virginia Code 64.2-612
Property: means an interest in real property located in the Commonwealth that is transferable on the death of the owner. See Virginia Code 64.2-621
Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Virginia Code 64.2-701
Property and casualty insurance consultant: means an insurance consultant whose services are limited to insurance as defined in §§ 38. See Virginia Code 38.2-1837
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Public adjuster: means an individual or business entity who receives, either directly or indirectly, a salary, fee, commission, or other compensation for engaging in public adjusting. See Virginia Code 38.2-1845.1
Public adjusting: means soliciting, investigating, negotiating, adjusting, or providing advice to an insured in relation to first party claims arising under insurance contracts that insure the real or personal property of an insured for the purpose of effecting the settlement of a claim on behalf of the insured. See Virginia Code 38.2-1845.1
Public animal shelter: means a facility operated by the Commonwealth, or any locality, for the purpose of impounding or sheltering seized, stray, homeless, abandoned, unwanted, or surrendered animals or a facility operated for the same purpose under a contract with any locality. See Virginia Code 3.2-6500
Public corporation: means the Commonwealth of Virginia or any political subdivision thereof or any incorporated municipality therein or any public agency of the Commonwealth or of any political subdivision thereof or of any municipality therein. See Virginia Code 1-219.1
Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
pure captive: is a n insurer whose exclusive purpose is transacting the business of insurance and reinsurance only on risks, hazards, and liabilities of its parent, subsidiary companies of its parent, and associated and affiliated companies. See Virginia Code 38.2-1341
Qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual. See Virginia Code 38.2-1365
Qualified beneficiary: means a beneficiary who, on the date the beneficiary's qualification is determined, (i) is a distributee or permissible distributee of trust income or principal; (ii) would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in clause (i) terminated on that date without causing the trust to terminate; or (iii) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. See Virginia Code 64.2-701
Qualified clearinghouse: means a clearinghouse for, and that is subject to the rules of, a qualified exchange or a qualified foreign exchange, which clearinghouse provides clearing services, including acting as a counterparty to each of the parties to a transaction such that the parties no longer have credit risk as to each other. See Virginia Code 38.2-1401
Qualified exchange: means :
1. See Virginia Code 38.2-1401
Qualified foreign exchange: means a foreign exchange, board of trade, or contract market located outside the United States:
1. See Virginia Code 38.2-1401
Qualified interest: means a settlor's interest in a qualified self-settled spendthrift trust, to the extent that such interest entitles the settlor to receive distributions of income, principal, or both, in the sole discretion of an independent qualified trustee. See Virginia Code 64.2-745.2
Qualified self-settled spendthrift trust: means a trust if:
1. See Virginia Code 64.2-745.2
Qualified trustee: means any person who is a natural person residing within the Commonwealth or a legal entity authorized to engage in trust business within the Commonwealth and who maintains or arranges for custody within the Commonwealth of some or all of the property that has been transferred to the trust by the settlor, maintains records within the Commonwealth for the trust on an exclusive or nonexclusive basis, prepares or arranges for the preparation within the Commonwealth of fiduciary income tax returns for the trust, or otherwise materially participates within the Commonwealth in the administration of the trust. See Virginia Code 64.2-745.2
Quorum: The number of legislators that must be present to do business.
rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Reasonably definite standard: means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of § 674(b)(5)(A) of the Internal Revenue Code of 1986 and any applicable regulations. See Virginia Code 64.2-701
Receivership court: means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer. See Virginia Code 38.2-1701
Reciprocal jurisdiction: means (i) a non-United States jurisdiction that is subject to an in-force covered agreement with the United States, each within its legal authority, or, in the case of a covered agreement between the United States and the European Union, is a member state of the European Union; (ii) a United States jurisdiction that meets the requirements for accreditation under the NAIC financial standards and accreditation program; or (iii) a qualified jurisdiction, as determined by the Commission pursuant to subdivision D 3 of § 38. See Virginia Code 38.2-1316.1
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 64.2-1033
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 64.2-701
Registering entity: means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. See Virginia Code 64.2-612
Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in this article. See Virginia Code 38.2-1347
Reinsurance intermediary broker: means any person, other than an officer or employee of the ceding insurer, who, without the power to bind the ceding insurer, solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer or otherwise negotiates with a ceding insurer concerning reinsurance cessions or retrocessions. See Virginia Code 38.2-1347
Reinsurance intermediary manager: means any person who (i) has authority to bind reinsurance risks or (ii) manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary manager or other similar term. See Virginia Code 38.2-1347
Reinsurer: means any insurer licensed in this Commonwealth with the authority to cede or accept from any insurer reinsurance pursuant to § 38. See Virginia Code 38.2-1347
Releasing agency: means (i) a public animal shelter or (ii) a private animal shelter, humane society, animal welfare organization, society for the prevention of cruelty to animals, or other similar entity or home-based rescue that releases companion animals for adoption. See Virginia Code 3.2-6500
Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Replication transaction: means a derivative transaction that is intended to replicate the performance of one or more assets that an insurer is authorized to acquire under this chapter. See Virginia Code 38.2-1401
Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
Reserve liabilities: means those liabilities which are required to be established by an insurer for all of its outstanding insurance policies, annuity contracts, benefit contracts and subscription contracts, in accordance with this title, as amended or as hereafter amended. See Virginia Code 38.2-1401
Resident: means a person to whom a contractual obligation is owed and who resides in the Commonwealth on the date a member insurer becomes an impaired insurer or a court order is entered that determines a member insurer to be an insolvent insurer. See Virginia Code 38.2-1701
Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. ^{Source: OCC}
Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
Scope criteria: means the designated exposure bases along with minimum magnitudes thereof for the specified data year, used to establish a preliminary list of insurers considered scoped into the NAIC Liquidity Stress Test Framework for that data year. See Virginia Code 38.2-1322
SEC: means the U. See Virginia Code 38.2-1322
Second trust: means (i) a first trust after modification, including a restatement of the first trust, under the Uniform Trust Decanting Act (§ 64. See Virginia Code 64.2-701
Second-trust instrument: means the trust instrument for a second trust. See Virginia Code 64.2-701
Secretary: means the Secretary of the Commonwealth. See Virginia Code 2.2-419
Security: means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, and a security account. See Virginia Code 64.2-612
Seedsman: means any person who offers small grains seeds for sale. See Virginia Code 3.2-2200
Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
Settlor: except as otherwise provided in § 64. See Virginia Code 64.2-701
Sheep: means sheep or lambs of all ages. See Virginia Code 3.2-2100
Sign: means , with present intent to authenticate or adopt a record, (i) to execute or adopt a tangible symbol or (ii) to attach to or logically associate with the record an electronic symbol, sound, or process. See Virginia Code 64.2-701
Small grains: means barley, oats, rye, or wheat. See Virginia Code 3.2-2200
Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
Soliciting: means attempting to persuade or asking or urging an insured to enter into a public adjusting contract by describing the terms of the contract, including any fees or commissions, and offering to negotiate a claim of loss on behalf of the insured. See Virginia Code 38.2-1845.1
Special tax benefit: means :
1. See Virginia Code 64.2-1033
Spendthrift provision: means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. See Virginia Code 64.2-701
State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Virginia Code 64.2-1900
State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Virginia Code 64.2-701
state agency: means the same as that term is defined in § 2. See Virginia Code 1-206
State Veterinarian: means the veterinarian employed by the Commissioner as provided in § 3. See Virginia Code 3.2-5900
Statement value: means the amount determined in accordance with the National Association of Insurance Commissioners Annual Statement Instructions. See Virginia Code 38.2-1401
Structured settlement annuity: means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury or sickness suffered by the plaintiff or other claimant. See Virginia Code 38.2-1701
Subscriber: means a person obligated under a reciprocal insurance agreement. See Virginia Code 38.2-1201
Successive interest: means the interest of a successor beneficiary. See Virginia Code 64.2-1033
Successor beneficiary: means a person entitled to receive income or principal or to use property when an income interest or other current interest ends. See Virginia Code 64.2-1033
Surety bail bondsman: means a person licensed as a surety bail bondsman pursuant to Article 11 (§ 9. See Virginia Code 38.2-1800
Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. See Virginia Code 38.2-100
sworn: means "affirm" or "affirmed. See Virginia Code 1-250
Tail risk: means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. See Virginia Code 38.2-1365
Terms of a trust: means :
1. See Virginia Code 64.2-1033
Terms of a trust: means :
1. See Virginia Code 64.2-701
Testate: To die leaving a will.
Testimony: Evidence presented orally by witnesses during trials or before grand juries.
Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
Transfer: means a transaction that creates custodial property under § 64. See Virginia Code 64.2-1900
Transfer on death deed: means a deed or conveyance of a cooperative interest authorized under this article. See Virginia Code 64.2-621
Transferor: means a person who makes a transfer under this chapter. See Virginia Code 64.2-1900
Transferor: means an individual who makes a transfer on death deed. See Virginia Code 64.2-621
Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
Trust: includes the assets under the control or management of the trustee. See Virginia Code 64.2-780
Trust: includes all trusts described in § 64. See Virginia Code 64.2-1033
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-1900
Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See Virginia Code 64.2-701
Trust instrument: means a record executed by the settlor to create a trust or by any person to create a second trust that contains some or all of the terms of the trust, including any amendments. See Virginia Code 64.2-701
Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
Trustee: includes any fiduciary as defined in § 8. See Virginia Code 64.2-780
Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701
Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Virginia Code 64.2-1033
Ultimate controlling person: means the person that is not controlled by any other person. See Virginia Code 38.2-1322
Unallocated annuity contract: means an annuity contract or group annuity certificate that is not issued to and owned by an individual or a trust created by an individual for the benefit of one or more individuals, except to the extent of any annuity benefits guaranteed to an individual or such a trust by an insurer under the contract or certificate. See Virginia Code 38.2-1701
under common control with: means direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, through (i) the ownership of voting securities, (ii) by contract other than a commercial contract for goods or nonmanagement services, or (iii) otherwise, unless the power is the result of an official position with or corporate office held by the person. See Virginia Code 38.2-1322
Unitrust: includes an express unitrust. See Virginia Code 64.2-1039
Unitrust amount: means an amount computed by multiplying a determined value of a trust by a determined percentage. See Virginia Code 64.2-1039
Unitrust policy: means a policy described in §§

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Virginia Code > Title 8.9A > Part 5 – Filing

Terms Used In Virginia Code > Title 8.9A > Part 5 - Filing

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